Glossary - T

TOM Conversion

A TOM conversion is a conversion that will settle tomorrow (T+1). The T stands for Transaction Date.

TOD Conversion

A TOD conversion is a conversion that will settle today.

Third-Party Payments Processor

A third-party payments processor lets businesses handle transactions from various channels such as credit cards and debit cards, without having to establish their own banking relationships or set up a merchant bank account of their own.